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Africa / Business / Economy

Bank of Ghana denies illegally transferring GH70 billion to the government

The Bank of Ghana has denied allegations made by Isaac Adongo, Member of Parliament for Bolgatanga Central, that it illegally gave the government over GH70 billion to finance maturing domestic debts.

The Central Bank described the allegations as “false and unfounded,” adding that they are intended to “undermine the hard-won credibility of the Bank of Ghana and its Management.”

Mr. Adongo claimed that the Central Bank’s action violated the Financial Management Act.

In an interview with the media, the ranking member of Parliament’s Finance Committee also called for Mr Addison’s resignation.

Mr Adongo claims that the Governor’s policy decisions are to blame for rising inflation, cedi depreciation, and worsening economic conditions, hence his call for his dismissal.

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